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Avenir mixed-use project in Palm Beach Gardens boosts loan to $108M

A company tied Landstar Development Group boosted its construction loan to nearly $108.45 million for the first phase of Avenir, a nearly 4,800-acre mixed-use community in Palm Beach Gardens. Property records show Landstar affiliate Avenir Holdings LLC sold a portion of the development site to Avenir Development LLC, which is also controlled by Landstar, for $95 million. Avenir Holdings, the seller, is providing financing. In December, Avenir Holdings sold 2,287 acres to Avenir Development for $15 million, and provided the $13.5 million loan. The buyer and seller are controlled by Landstar’s David Serviansky, Rodolfo Stern, Eduardo Stern, Roberto Horwitz, Manuel Mato, Daniel Lopez and Virginia Cepero. Serviansky leads the selling entity, and Mato is president of the buyer’s LLC, according to corporate records. Rosa Schechter, ...

West Palm Beach may revive rezoning plan to encourage downtown office development

West Palm Beach may reconsider a business district that would encourage downtown office development through rezoning. Mayor Jeri Muoio directed city staff to revive planning for the Okeechobee Business District downtown, which the city commission rejected last year. The proposed district would have rezoned an area that now limits the height of buildings to five stories. But opponents saw the proposal as an attempt to promote one development within the district: One Flagler, a 25-story office building proposed by The Related Companies, led by Miami Dolphins owner Stephen Ross. Mayor Muoio told the city’s development services director, Rick Greene, to revive planning for the Okeechobee Business District to encourage downtown office development. The city’s Planning Board is scheduled to consider the district on May 15. ...

Marina Lofts in Fort Lauderdale may finally get built

The Marina Lofts, a major Fort Lauderdale residential development designed by acclaimed architect Bjarke Ingels, finally may be headed for a groundbreaking construction. The Fort Lauderdale City Commission approved the planned 856-unit residential complex, called Marina Lofts, in 2013 despite criticism of Ingels’ unusual design of the development, including two buildings that appear torn apart. Asi Cymbal, the developer, told Bisnow he expects to raise enough equity financing this year to start construction of Marina Lofts as a rental apartment property. “We’re talking to potential [joint venture] and equity partners and hope to make a major announcement by year’s end,” Cymbal told Bisnow in a phone interview. He told Bisnow his potential partners are “significant players in the multifamily and hospitality sector as well as ...

The Atlantic Crossing mixed-use complex in downtown Delray is finally under construction

Construction of the $300 million, six-building Atlantic Crossing at Federal Highway and Atlantic Avenue in Delray Beach is expected to conclude in 2022. The four-story Atlantic Crossing complex will encompass 83,000 square feet of office space, 76,000 square feet of space for retail stores and restaurants, 261 rental apartments and 82 condominium units. Edwards Cos., the developer, filed a lawsuit in 2015 alleging the city deliberately stalled the development. Edwards originally proposed Atlantic Crossing in 2011. The developer and the city settled the lawsuit in 2017. Jeff Edwards, president of Edwards Cos., said in a prepared statement that “our confidence [in Atlantic Crossing] has only grown over the six years the project has been in design and review.” [Palm Beach Post] – Mike Seemuth For ...